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IHT - residence NRB
Comments
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[FONT=Verdana, sans-serif]No, its the RNRB at the time of the 2nd death so 2x£125k now but 2x£175k after 5/4/2020.[/FONT]
[FONT=Verdana, sans-serif]It sounds like the downsizing rules might apply, was the house sold in 2018 wholly owned by her and what was the sale price?[/FONT]
[FONT=Verdana, sans-serif]Not needed at the moment but if the cash eventually exceeds £650k it will be.[/FONT]
£390k and yes it was wholly owned by her.0 -
You need to work through the 5 calculation steps to see if the downsizing rules will give her a greater allowance than the value of the current 1/3rd ownership, It looks like they should do.£390k and yes it was wholly owned by her.
https://www.gov.uk/guidance/how-downsizing-selling-or-gifting-a-home-affects-the-additional-inheritance-tax-threshold#selling-or-giving-away-a-home0
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